X @Nick Szabo
Nick Szabo·2026-03-15 23:29
RT The Kobeissi Letter (@KobeissiLetter)The software sector is facing a massive debt wall:~$40 billion in software and services debt matures in 2028, the largest single-year concentration.The vast majority of this is rated B- or lower, deep in junk territory, with no investment-grade debt in the mix.In total, ~$100 billion in software debt matures from 2026 to 2029, with an additional ~$70 billion beyond 2030.Meanwhile, AI disruption is increasing credit risk for software borrowers, the exact companies that ...